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Wills Corporation, which has accumulated and current E&P
totaling

           
$65,000, distributes land to its sole shareholder, an individual.
The land

           
has a FMV of $75,000 and an adjusted basis of $55,000. The
shareholder

           
assumes a $15,000 liability associated with the land. The
shareholder will

           
recognize
A) $60,000 of dividend income and have a $60,000 basis in the
land
B) $65,000 of dividend income and have a $75,000 basis in the
land
C) $60,000 of dividend income and have a $75,000 basis in the
land
D) $65,000 of dividend income and have a $65,000 basis in the
land

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